To sustain and potentially thrive in today’s B2B commerce landscape; organizations should seek out ways that will help them effectively improve their productivity.
As the effect of the pandemic continues to recede and the economy recovers, organizations are ready to make their mark. For B2B businesses, this is also a great time to strengthen their position in the marketplace. In fact, as per 2021 Business-to-Business E-commerce Market Report by Acumen Research and Consulting, the global B2B e-commerce industry is expected to be valued at around US$26.4 trillion by 2028.
However, reaping the benefits of this market requires B2B firms to reassess their various digital initiatives. They need to consider their productivity levels; CMOs should develop strategies that can keep their production high and inefficiencies low during the entire sales cycle.
Here are four steps that B2B commerce organizations can take to streamline their B2B selling systems:
Making payment seamless
Many companies are guilty of having a sluggish and expensive payment system resulting in delays in transactions. Inability to deliver seamless transactions further demotivates the customers to do business with the business. Therefore, organizations should opt for cost-effective payment systems that promote fast, seamless, and secure transactions. The simpler the process of exchanging goods and services the simpler it will be for the business to scale.
Also Read: Three Leadership Strategies for CMOs to Promote a CX-Driven Company Culture
Normalizing the idea of on-demand manufacturing
Another way for B2B commerce businesses to improve their productivity is by taking initiatives to reduce the need for collecting, maintaining and storing inventory. One way for them to do this effectively is by opting for on-demand manufacturing. This will enable them to reap the benefits that come with a minimum quantity of unsold inventory. Additionally, they will be able to rely on AI-driven software to predict when they’ll require large quantities of raw materials to fulfill their potential orders. In conclusion, by exploring on-demand options, organizations can improve their competitiveness while still providing world-class products.
Offering self-service options
In today’s digital world, people are increasingly becoming accustomed to finding their own solutions. Therefore, B2B commerce clients should prefer the advantage of a 24/7 system that enables them to answer their own questions. Technologies such as AI chatbots can be used by customers to seek the information they are looking for. This will also help in the process of decision-making. Thus, by providing B2B customers with self-service options, organizations can ensure they can effectively increase their overall productivity.
Also Read: How Organizations Can Rethink the Employee Professional Brand Amid Hybrid Work Culture
Exploring practices to reduce the employee churn
One of the biggest hidden sources of waste in B2B organizations is worker turnover, which inhibits their ability to scale their organization. Additionally, if employees are constantly leaving the organization, it affects the organization and negatively affects the morale of employees remaining in the organization. Furthermore, after an employee leaves, others have to pick up the slack that can lead to overworked, unsatisfied, burned-out team members who cannot perform at their best.
To address the turnover problem, organizations should look for ways to improve the overall engagement levels. They should make an active effort to let the employees know their purpose within the organization as well as make them feel rewarded for their actions.
For more such updates follow us on Google News TalkCMO News.
